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Balance sheet

In CHF million, except where indicated   31.3.2017   31.12.2016   Change
             
Assets
Cash and cash equivalents and current financial assets   492   506   –2.8%
Trade and other receivables   2,575   2,532   1.7%
Property, plant and equipment   10,209   10,177   0.3%
Goodwill   5,154   5,156   –0.0%
Other intangible assets   1,715   1,756   –2.3%
Investments in associates and non-current financial assets   461   455   1.3%
Tax assets   327   299   9.4%
Other current and non-current assets   735   573   28.3%
Total assets   21,668   21,454   1.0%
             
Liabilities and equity
Financial liabilities   8,323   8,496   –2.0%
Trade and other payables   1,838   1,896   –3.1%
Defined benefit obligations   1,818   1,850   –1.7%
Provisions   941   962   –2.2%
Tax liabilities   727   746   –2.5%
Other current and non-current liabilities   1,124   982   14.5%
Total liabilities   14,771   14,932   –1.1%
Share of equity attributable to equity holders of Swisscom Ltd   6,895   6,514   5.8%
Share of equity attributable to non-controlling interests   2   8   –75.0%
Total equity   6,897   6,522   5.7%
Total liabilities and equity   21,668   21,454   1.0%
Equity ratio at end of period (in %)   31.8   30.4    
             
Net debt   7,689   7,846   –2.0%

Total assets at 31 March 2017 amounted to CHF 21,668 million, which equates to an increase of CHF 214 million or 1.0% versus the end of 2016. The increase is mainly due to the higher other current and non-current assets. Other current and non-current assets increased mainly as a result of higher accruals for prepaid expenses for the 2017 financial year. Equity rose due to the increase in net income by CHF 375 million or 5.7% to CHF 6,897 million, which corresponds to an equity ratio of 31.8% (30.4% as at 31 December 2016). At the end of 2016, the cumulative currency translation losses included in equity remained unchanged at around CHF 1.7 bil­lion.

Net debt comprises financial liabilities less cash and cash equivalents, current financial assets and non-current, fixed-interest-bearing deposits. Swisscom targets a net debt/ EBITDA ratio of around 1.9.